Statutory Sick Pay, Business Rates, tax and insurance

Statutory Sick Pay

For businesses with fewer than 250 employees, the cost of providing 14 days of Statutory Sick Pay per employee will be refunded in full by the government. This will provide two million businesses with up to £2 billion to cover the costs of large-scale sick leave. Employers will be able to make a claim online from Tuesday 26th May 2020.

Business Rates Holiday

Businesses in the retail and hospitality sector and those running nursery settings across England for the 2020-2021 tax year are eligible for a business rates holiday. Businesses that have already received the retail discount in the 2019-2020 tax year will be re-billed by their local authority as soon as possible.

Tax

If you’re a business or self-employed individual in financial distress due to COVID-19 and have outstanding tax liabilities, you may be eligible to receive tax support through HMRC’s Time to Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.

A dedicated helpline has also been set up to help businesses and self-employed individuals with tax issues during this time. Through this, you may be able to agree to a bespoke Time to Pay arrangement. If you are concerned about not being able to pay your tax due to COVID-19, call HMRC's dedicated helpline on 0800 024 1222.

Insurance

Eligibility for claiming losses caused by COVID-19 throughinsurance

Businesses that have cover for both pandemics and government-ordered closure should be covered by their insurance. The government and insurance industry confirmed on 17th March 2020 that the advice to avoid businesses such as pubs, theatres, and other entertainment venues was sufficient to make a claim.

However, insurance policies differ significantly between providers, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers. Most businesses are unlikely to be covered, as standard business interruption insurance policies are dependent on damage to property and will exclude pandemics.

Find out about funding and support

Discover the funding and financial support available for businesses during this uncertain time.

Never miss an update

Stay on top of the latest coronavirus news, guidance and support with our newsletter.

Get in touch

Backed by the UK Government, the Business Support Helpline provides free, impartial business support and signposting services to businesses in England. Give them a call today on 0800 998 1098 or use the live WebChat. Alternatively, you can make an enquiry.